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Ireland then play Holland at home in August before starting their Euro 2008 qualifying campaign against Germany in Stuttgart on September 2.
Staunton will hope to continue the fine start to his Irish reign, following on from Wednesday's 3-0 victory over World Cup bound Sweden.
"I am pleased that an International game has been confirmed for May. It is important for the players to join together as a squad before the friendly against Holland in August and the September meeting with Germany but still get the benefits of a good summer break," the Irish boss said.
The South American side who last played the Republic of Ireland in 1991 and drew 1-1, are ranked 66th in the FIFA world rankings. Ticket details for this fixture will be announced at a later date.